Prescription Savings

How to Access Prescription Savings

Without any form of coverage, prescription drugs can quickly become expensive, especially if you have prescriptions that must be taken on a regular basis. Therefore, learning more about prescription savings that may be available to you through Medicare, Medicaid, other insurance providers and local savings is essential in saving money each month. In most cases, prescription drugs are necessity and expensive and citizens can have access to affordable drug coverage by government assisted programs.

What is Prescription Drug Coverage?

Prescription drug coverage will essentially cover part or all of the cost of an approved and eligible prescription drug. Each health insurance provider or savings program will likely have its own list of prescription drugs that are eligible coverage. Prescription drug coverage provides much needed savings on prescriptions that are often needed to maintain health and improve the quality of lives.

Who Does Prescription Drug Coverage Benefit?

Prescription drug coverage will primarily benefit individuals who are required to take prescription drugs on a regular basis as monthly costs on prescriptions can quickly add up and take their toll on an individual’s budget. However, everyone can benefit from receiving prescription drug coverage. Physicians will often prescribe medications for illness, after surgeries and even after dental procedures. Prescription drugs are a key part in recovery and prescription drug coverage can lower costs to patients.

Medicaid Prescription Drug Coverage

Those eligible for Medicaid health insurance through their state Medicaid office may receive substantial discounts on their prescription drugs, if their state provides drug coverage. While most states provide drug coverage through Medicaid, not all states do so it is important for you to ask your state representative about prescription drug coverage beforehand. Through Medicaid, beneficiaries will receive their prescription drugs either for free or at the cost of a small copayment, so long as prescription drug coverage is provided.

Medicaid eligibility is determined may be determined by age, income level, the number of people in your household and whether or not you are either pregnant or have a disability. Medicaid beneficiaries must also be either United States citizens or have an acceptable non-citizen status. While the income limits will vary from one state to the next, Medicaid is designed to provide medical assistance to low income individuals and households throughout the United States.

If you are not eligible to receive Medicaid due to your income level, but you have an uninsured child who is under the age of 19 years old, your child may be eligible to receive benefits through the Children’s Health Insurance Program (CHIP). CHIP provides coverage for uninsured children and teens whose families have too high of an income for Medicaid. While there are still income limits for CHIP, they are higher than that of Medicaid. It is also worth noting that some families may receive a low monthly premium payment for the health insurance coverage.

Medicare Part D Prescription Drug Coverage

Medicare is primarily designed to provide health insurance for senior citizens, but it is available to younger individuals who are afflicted by certain disabilities. Medicare is essentially composed of four “parts” and beneficiaries are able to build their own insurance plans based upon their need. The four parts of Medicare include:

  • Part A – Also referred to as hospital insurance as it provides hospital coverage for inpatient stay. Part A is the only part of Medicare that does not generally come with a premium cost
  • Part B – Provides a greater amount of medical coverage, including laboratory services and visits with a physician
  • Part C – Offers Part A and Part B hybrid plan coverage with additional benefits that may be included such as dental, vision and hearing coverages
  • Some plans may also provide Medicare Part D without an additional premium
  • Part D – Offers prescription drug coverage

Medicare Part D’s sole purpose is to provide Medicare beneficiaries with prescription drug coverage. While it is sometimes included in Part C plans, Medicare Part D can be added onto any Medicare plan during enrollment periods. Medicare Part D includes a monthly premium and may have co-payments and deductibles, based upon the plan.

You may be eligible for Medicaid if you:

  • Are at least 65 years old
  • Possess a qualifying disability
  • Have end-state rental disease (permanent kidney failure that requires either a transplant or dialysis)

You can apply for Medicare in person either at your local state office or online through the Social Security Administration website.

Drug Coverage Through Another Insurance Provider

If you are not eligible for Medicare or Medicaid, you may still receive prescription drug coverage through another health insurance provider. It is important to know that each provider may have its own list of medications that they will provide coverage for, so it is important to review your prescription drug information with a representative of your health insurance provider in order to establish whether or not the prescriptions you need are covered. If they are not covered, ask your provider if they cover generic versions of the medication and speak with your primary care physician about your options.

If you do not currently have health insurance, consider reviewing the health insurance options that are available to you on the Healthcare Marketplace. The Healthcare Marketplace will give you the option of entering in your current prescriptions so that you can see which providers and plans will provide coverage for that specific medication.

Additional Ways to Save on Prescription Drug Costs

Most local pharmacies will offer discounts on prescription drugs or rewards programs for utilizing their services on a regular basis. Each reward program is different, but this allows you the opportunity to “shop around” for the pharmacy that will provide you the best deals or discounts on your prescription drugs.

Additionally, there are a variety of membership programs out there that provide prescription drug discounts, such as AARP memberships. For being an AARP member, you receive exclusive discounts on prescription drugs. These discounts are not only provided to you, but spouses, dependent young children, grandchildren and stepchildren. Programs such as AARP, are accepted at thousands of pharmacies around the United States and can save participants a large portion on many prescription drugs that are not covered by a health insurance provider.

Prescription Savings

How to Access Prescription Savings

Without any form of coverage, prescription drugs can quickly become expensive, especially if you have prescriptions that must be taken on a regular basis. Therefore, learning more about prescription savings that may be available to you through Medicare, Medicaid, other insurance providers and local savings is essential in saving money each month. In most cases, prescription drugs are necessity and expensive and citizens can have access to affordable drug coverage by government assisted programs.

What is Prescription Drug Coverage?

Prescription drug coverage will essentially cover part or all of the cost of an approved and eligible prescription drug. Each health insurance provider or savings program will likely have its own list of prescription drugs that are eligible coverage. Prescription drug coverage provides much needed savings on prescriptions that are often needed to maintain health and improve the quality of lives.

Who Does Prescription Drug Coverage Benefit?

Prescription drug coverage will primarily benefit individuals who are required to take prescription drugs on a regular basis as monthly costs on prescriptions can quickly add up and take their toll on an individual’s budget. However, everyone can benefit from receiving prescription drug coverage. Physicians will often prescribe medications for illness, after surgeries and even after dental procedures. Prescription drugs are a key part in recovery and prescription drug coverage can lower costs to patients.

Medicaid Prescription Drug Coverage

Those eligible for Medicaid health insurance through their state Medicaid office may receive substantial discounts on their prescription drugs, if their state provides drug coverage. While most states provide drug coverage through Medicaid, not all states do so it is important for you to ask your state representative about prescription drug coverage beforehand. Through Medicaid, beneficiaries will receive their prescription drugs either for free or at the cost of a small copayment, so long as prescription drug coverage is provided.

Medicaid eligibility is determined may be determined by age, income level, the number of people in your household and whether or not you are either pregnant or have a disability. Medicaid beneficiaries must also be either United States citizens or have an acceptable non-citizen status. While the income limits will vary from one state to the next, Medicaid is designed to provide medical assistance to low income individuals and households throughout the United States.

If you are not eligible to receive Medicaid due to your income level, but you have an uninsured child who is under the age of 19 years old, your child may be eligible to receive benefits through the Children’s Health Insurance Program (CHIP). CHIP provides coverage for uninsured children and teens whose families have too high of an income for Medicaid. While there are still income limits for CHIP, they are higher than that of Medicaid. It is also worth noting that some families may receive a low monthly premium payment for the health insurance coverage.

Medicare Part D Prescription Drug Coverage

Medicare is primarily designed to provide health insurance for senior citizens, but it is available to younger individuals who are afflicted by certain disabilities. Medicare is essentially composed of four “parts” and beneficiaries are able to build their own insurance plans based upon their need. The four parts of Medicare include:

  • Part A – Also referred to as hospital insurance as it provides hospital coverage for inpatient stay. Part A is the only part of Medicare that does not generally come with a premium cost
  • Part B – Provides a greater amount of medical coverage, including laboratory services and visits with a physician
  • Part C – Offers Part A and Part B hybrid plan coverage with additional benefits that may be included such as dental, vision and hearing coverages
  • Some plans may also provide Medicare Part D without an additional premium
  • Part D – Offers prescription drug coverage

Medicare Part D’s sole purpose is to provide Medicare beneficiaries with prescription drug coverage. While it is sometimes included in Part C plans, Medicare Part D can be added onto any Medicare plan during enrollment periods. Medicare Part D includes a monthly premium and may have co-payments and deductibles, based upon the plan.

You may be eligible for Medicaid if you:

  • Are at least 65 years old
  • Possess a qualifying disability
  • Have end-state rental disease (permanent kidney failure that requires either a transplant or dialysis)

You can apply for Medicare in person either at your local state office or online through the Social Security Administration website.

Drug Coverage Through Another Insurance Provider

If you are not eligible for Medicare or Medicaid, you may still receive prescription drug coverage through another health insurance provider. It is important to know that each provider may have its own list of medications that they will provide coverage for, so it is important to review your prescription drug information with a representative of your health insurance provider in order to establish whether or not the prescriptions you need are covered. If they are not covered, ask your provider if they cover generic versions of the medication and speak with your primary care physician about your options.

If you do not currently have health insurance, consider reviewing the health insurance options that are available to you on the Healthcare Marketplace. The Healthcare Marketplace will give you the option of entering in your current prescriptions so that you can see which providers and plans will provide coverage for that specific medication.

Additional Ways to Save on Prescription Drug Costs

Most local pharmacies will offer discounts on prescription drugs or rewards programs for utilizing their services on a regular basis. Each reward program is different, but this allows you the opportunity to “shop around” for the pharmacy that will provide you the best deals or discounts on your prescription drugs.

Additionally, there are a variety of membership programs out there that provide prescription drug discounts, such as AARP memberships. For being an AARP member, you receive exclusive discounts on prescription drugs. These discounts are not only provided to you, but spouses, dependent young children, grandchildren and stepchildren. Programs such as AARP, are accepted at thousands of pharmacies around the United States and can save participants a large portion on many prescription drugs that are not covered by a health insurance provider.

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